Indices trade with decent gains; PSU banks advance

22 Nov 2022 , 02:33 PM

The key equity barometers continued to trade with modest gains in the mid-afternoon trade. The Nifty hovered above the 18,200 mark. PSU banks rose for the sixth straight day. At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 189.66 points or 0.31% to 61,334.50. The Nifty 50 index added 53.90 points or 0.30% to 18,213.85. In the broader market, the S&P BSE Mid-Cap index rose 0.28% while the S&P BSE Small-Cap index shed 0.07%. The market breadth was negative. On the BSE, 1,590 shares rose, and 1,822 shares fell. A total of 158 shares were unchanged. Numbers to Track: The yield on Indias 10-year benchmark federal paper declined to 7.304 as compared with 7.320 at close in the previous trading session. In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 81.6825, compared with its close of 81.79 during the previous trading session. MCX Gold futures for 5 December 2022 settlement advanced 0.22% to Rs 52,408. The US Dollar index (DXY), which tracks the greenbacks value against a basket of currencies, was down 0.24% to 107.58. The United States 10-year bond yield shed 0.54% to 3.806. In the commodities market, Brent crude for January 2023 settlement rose 76 cents or 0.87% to $88.21 a barrel. Buzzing Index: The Nifty PSU bank index rose 1.54% to 3,963.65, extending its gaining run for the sixth session. The index advanced 6.03% in six trading sessions. Among the components of the Nifty PSU Bank index, UCO Bank (up 11.8%), Bank of India (up 3.5%), Central Bank of India (up 3.11%), Indian Overseas Bank (up 2.13%) and Indian Bank (up 2.1%) Punjab & Sind Bank (up 1.89%), Bank of Baroda (up 1.08%), Canara Bank (up 0.61%), Union Bank of India (up 0.53%) and State Bank of India (up 0.1%) were the gainers. On the other hand, Bank of Maharashtra (down 2.78%), Punjab National Bank (down 0.11%) declined Stocks in Spotlight: Blue Star rose 1.33% after Kotak Mahindra Mutual Fund (Kotak AMC) increased stake in the company by 0.06% to 5.045%. Kotak Mahindra Mutual Fund (Kotak AMC) bought additional 63,179 equity shares of Blue Star through its mutual fund schemes via open market transactions on 17 November 2022. Easy Trip Planners zoomed 19.16% after the company that it has signed an agreement through a memorandum of understanding (MoU) with Assam Tourism Development Corporation (ATDC). The objective of this MoU is to share resources and collectively collaborate to boost the growth of tourism in Assam. Binded by the MoU, EaseMyTrip will provide white label solutions to endorse ATDC properties on its website and mobile application. Larsen & Toubro rose 0.75% after the EPC major on Tuesday announced that it has purchased the entire stake held by Chiyoda Corporation in L&T-Chiyoda (LTC) for Rs 75 crore. L&T-Chiyoda (LTC) is a joint venture between Larsen & Toubro (L&T) and Chiyoda Corporation. The aggregate cost of acquisition is Rs 75 crore for acquiring 45,00,000 equity shares or 50% stake in LTC. Powered by Capital Market – Live News